| Monday, April 20, 2020 |
Nigeria, others need $114bn to fight COVID-19, says IMF Nigeria and other African countries need an estimated $114bn to fund the campaign against the outbreak of the coronavirus disease on the continent. This was disclosed in a statement posted on the website of the International Monetary Fund on Sunday…read more.
Petrol subsidy removal, a game-changer — LCCI The Lagos Chamber of Commerce and Industry has said the decision by the Nigerian National Petroleum Corporation to put an end to fuel subsidy will be a game-changer for the oil and gas sector and the economy. The Director-General, LCCI, Dr Muda Yusuf, said in a statement on Sunday that the impact on the economy would be invaluable…read more.
NPA extends demurrage-free period to April 26 Following its directive to terminal operators to suspend all applicable storage fees on consignments (demurrage) for 21 days effective March 23, the Nigerian Ports Authority has directed that additional 14 days be added to the demurrage-free period…read more.
Financial Technology companies are currently pushing insurance schemes for millions of West Africans, especially in Nigeria. The firms, Aella and Hygeia HMO, which recently got bolstered by a $10 million funding round are billed to serve financially excluded populations in West Africa and other emerging markets, with health insurance…read more.
| Nigeria’s weak economy and risks of COVID – induced recession From a six per cent Gross Domestic Product (GDP) six years ago, to recession in 2016, with post-recession’s fragile recovery below two per cent till date, and now predictions of imminent recession in 2020, it’s been no respite for both the citizenry and economy. Indeed, the nation’s economy had been grappling with weak recovery from the 2014 oil price shock to the 2016 economic recession with GDP growth tapering around 2.3 percent in 2019…read more. |
Experts warn banks, others over cyberattacks as employees work remotely With many organisations forced to work from home in a bid to stem the spread of the pandemic, experts have asked firms to review existing security infrastructure of operations due to rising cases of cyber-attacks…read more.
Protect Your Bank Details, UBA Warns Customers The United Bank for Africa (UBA) Plc, has called on its customers to exercise utmost caution in their banking transactions and ensure that they do not fall prey to any nefarious activities during the Coronavirus lock down period…read more.
Adegbiji: COVID-19 Has Increased Visibility of Digital Economy Gbenga Adegbiji was recently appointed Chief Operating Officer, MDXi, a subsidiary of frontline data and connectivity service provider, MainOne. In this interview, he speaks on the role data centers play in the economy…read more.
Naira depreciation, COVID-19 restrictions escalate inflationary pressure — Analysts As the financial market operators look forward to the release of the long awaited March 2020 inflation data by the National Bureau of Statistics (NBS) this week, there is apprehension that the combined effect of the recent devaluation of the naira and COVID-19 restrictions will lead to escalation of the inflationary pressure…read more.
FMDQ Depository appointed joint depository to Dangote SEC FMDQ Depository has been appointed a joint depository to the Dangote Cement ¦ 100.00 billion bond. This comes shortly after it’s appointment as a sole depository to the Lagos State Government’s ¦ 100.00 billion bond…read more
Investment experts give options for investors amidst COVID-19 As businesses and the world economy continue to grapple with the impact of the Coronavirus (COVID-19) pandemic, operators in the Nigerian capital market have restated the need for investors to diversify their investment portfolio, spreading their risk across diverse sectors and asset classes…read more.
Treasury yields lower as US oil prices sink There are no economic data releases scheduled. The U.S. Treasury is to auction $99 billion in 13- and 26-week bills…read more.
China’s Alibaba to invest $28.2 billion in cloud infrastructure as it battles Amazon, Microsoft
Alibaba said Monday it would invest 200 billion yuan ($28.26 billion) in its cloud computing division over the next three years, focusing on infrastructure. The money will be used to invest in technologies related to operating systems, servers, chips and networks. Alibaba is the biggest cloud computing provider by market share in China but it trails U.S. giants…read more.